The bridal store business just isn't what it used to be. Hate to say it but I think that in a few years stores like these will all disappear. The white dress won't be associated with wedding gowns anymore, it will become just a dress that happens to be white. Weddings will probably stop being popular too.
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A depressing thought but that will most likely happen in the end.
You're right about the differences in generations affecting weddings and bridal businesses. The only millennial I know personally that had a pretty standard and traditional wedding is my youngest niece and she dreamed about it since she was a little girl. Every other person her age I'm related to or acquainted with are single, in a noncommittal relationship, or are married but in turn didn't have a wedding.
No Gen-Z folks want to spend 100K on a wedding. No Milennials want to spend 100K on a wedding. This was a boomer thing and boomers are out. Gen-X is kind of in between, they are the parents now. Gen-Zs dont want to spend money on college too.